Saudi Arabia hotel market has grown significantly in recent years and is expected to continue growing in the forecast period. With significant demand for leisure, corporate, and religious visitors, Saudi Arabia has lured many international and national hotel chains. The Saudi Arabia hotel industry is driven by rapid economic growth, the development of real estate projects investment, and Constructions.
In GCC countries, the market of hospitality has gained prominence. GCC economies have historically been heavily dependent on oil. Nevertheless, as governments concentrate on non-oil industries, the region has undergone many economic changes over the past decade. For the hospitality sector, tourism is a primary driver. The hotel industry in Saudi Arabia is driven by rapid economic growth, investment in real estate projects, and construction. Saudi Arabia Hotel Market is expected to cross USD 24 Billion by the year 2025.
Besides, the growing tourism demand in the country has played an essential role in the accelerated growth of the tourism industry as well as the hotel industry. The Kingdom has also project to grow the number of Hajj and Umrah tourists, presently the major contributor to the kingdom visitor number to 30 Million by 2030 from around 19 Million in 2019.
In order to meet this growing demand, the government is investing heavily in the construction of hotel, transport infrastructure, such as high-speed rail and Metro projects in Makkah. Business tourism is proliferating on the back of strong economic growth and concentrating on expanding other economic pockets by the government. This is mainly concentrated in Saudi Arabia's three major cities: Riyadh, Jeddah and Al-Khobar. In order to attract more business visitors and increase the flow of domestic tourists, the government invests heavily in developing transport infrastructure in these cities.
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